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You are here: Home -> Companies and Schemes -> The Irish Retail Electronic Payments Clearing Company Limited (IRECC) A A 

The Irish Retail Electronic Payments Clearing Company Ltd. (IRECC) was established in June 1997 to create, maintain and operate an electronic funds transfer payment, clearing and settlement system for domestic electronic payments. The Company is run by a Board of Directors, comprising one representative from each of the six member banks.

 

The Company is responsible for the Inter-bank clearing of electronic items between banks and other financial institutions. Each member is responsible for running its own electronic funds transfer system (EFTS), which enables credits and debits to be originated and paid through any bank/branch within the state.

 

IRECC is responsible for the development and imposition of the clearing rules and for the administration of the Direct Debit scheme. It is also responsible for the daily settlement with the Central Bank.

EFT Volumes and Trends

In the year ended 31st December 2010, a total of 155.5 million interbank transactions were processed through the domestic EFT clearing
system.

• These consisted of 66.8 million debit transactions with a value of ?47.2 billion and 88.7 million credit transactions with a value of ?116.4 billion
• This is a slight decrease on 2009 interbank debit volumes which comprised 68.1 million debit items and a slight increase in interbank credit volumes which comprised 87.6 million credit items
• Electronic payments have a clear advantage over paper based payments in that the Next-Day-Value service offered by member
• banks offers a shorter clearing cycle than offered for cheques
• As a proportion of all payments in Ireland, electronic payments continue to displace cheques and other paper-based payments